ADVERTISEMENTREMOVE AD

You Don’t Own Web3: Dorsey and Musk Scrutinise the Idea of NextGen Net

Dorsey said in a tweet, "You don’t own ‘web3.’ The VCs and their LPs do. It will never escape their incentives."

Published
World
2 min read
story-hero-img
i
Aa
Aa
Small
Aa
Medium
Aa
Large
Hindi Female
Edited By :Tejas Harad

Tesla CEO Elon Musk and former Twitter CEO Jack Dorsey have caused an online stir after repeatedly mocking those putting their faith in the Web3, or Web 3.0, which will allow users to own the next generation of internet instead of giving power to Web 2.0 giants like Google, Facebook, among others.

Weeks after the Twitter founder stepped down from the chief executive position, Dorsey on Tuesday, 21 December, declared, “You don’t own ‘web3.’ The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into…”

Dorsey said this in contrast to what is believed about the blockchain-based, decentralised systems and tech that are meant to replace the internet as we know it.

ADVERTISEMENTREMOVE AD

Dorsey has claimed that it is the big venture capital firms like Andreessen Horowitz, who have invested more than $3 billion in the space, that will control these new web systems.

This isn’t the first time the idea of Web3, which has visibly manifested into the trading of non-fungible tokens, or NFTs, on the Ethereum and Solana blockchains, has received scrutiny.

Musk has been regularly tweeting against the idea of Web3. Recently, he said in a tweet, "Has anyone seen web3? I can't find it."

Joining the conversation, Dorsey replied "It's somewhere between a and z."

Earlier, mocking the idea again, Musk had tweeted a meme:

While several netizens have showed their disagreement with Dorsey, it is yet to be seen if blockchain systems and NFTs will actually revolutionise the net as we know it.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

0

Read Latest News and Breaking News at The Quint, browse for more from news and world

Topics:  Elon Musk   Jack Dorsey   Blockchain 

Speaking truth to power requires allies like you.
Become a Member
3 months
12 months
12 months
Check Member Benefits
Read More
×
×